What's Hot

    SEBI getting set to regulate index providers

    March 27, 2023

    China’s industrial profits slump in Jan.-Feb. as COVID pain lingers

    March 27, 2023

    S&P keeps India’s economic growth forecast unchanged at 6% in FY24

    March 27, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    Invest PolicyInvest Policy
    Subscribe
    • Banking
    • Economy
    • Finance
    • Insurance
      • LIC
    • Investment
    • Market
    • Money
    • MF
    • More
      • Scheme
      • Property
    Invest PolicyInvest Policy
    Home These post office savings schemes beat banks in paying interest, these are 3 best post office saving schemes
    Scheme

    These post office savings schemes beat banks in paying interest, these are 3 best post office saving schemes

    InvestPolicyBy InvestPolicyMay 18, 2021No Comments3 Mins Read
    Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit WhatsApp Email
    Post office also gives debit card to account holders, generate and change post office debit card PIN
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Almost all the saving schemes of the post office beat the banks in terms of interest. But these 3 savings of the post office are the best, because by investing in them, you get an income tax deduction benefit of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. These 3 best saving schemes of post office are Post Office Time Deposit, Public Provident Fund i.e. PPF and NSC i.e. National Saving Certificate.

    Let us tell you that banks get a maximum of 5.5% interest on fixed deposits of 5 years or more. SBI 5.4%, HDFC 5.5%, ICICI 5.25% interest on FDs above 5 years. While 6.8% interest is available on the post office time deposit.

    Post office time deposit

    Apart from banks, you can also get a fixed deposit in the post office, which is called post office time deposit. But the difference between the two is that you can get FDs in banks ranging from a minimum of 7 days to 28 days to FDs maturing in 10 days.

    At the same time, time deposit in post office has to be done for a minimum of 1 year and maximum of 5 years. The post office revises the interest rates received on the time deposit every third month and keeps making changes in it.

    Get so much interest

    The interest rates on time deposits of the post office are effective from April 1, 2021. The post office pays 5.5% interest to depositors on time deposits of 1 year duration. At the same time, investors get 5.5% interest only on the deposit period of 2 years and 3 years. But depositors get 6.8% interest on investing in a post office time deposit for 5 years.

    National Savings Certificate (NSC)

    Depositors get guaranteed returns by investing in National Savings Certificate (NSC) for 5 years. Currently NSC is getting 6.8% per annum interest, which is available on maturity, but the returns are calculated on compound interest annually. Due to which those investing in it get tremendous returns.
    However, the amount received at maturity is taxable.

    However, when you have invested the amount of interest again in it, it becomes tax free. In this you can deposit a minimum of 1000 rupees. In this scheme, any person can open multiple accounts while they can open 3 joint accounts.

    Public Provident Fund (PPF)

    Public Provident Fund (PPF) can, however, be opened in both banks and post offices. One of the most popular long term debt investment products available in India. One of the biggest advantages of PPF is that it gives guaranteed tax-free returns, which you do not get in other long term investment instruments like NPS, mutual funds.

    Investment up to Rs 1.5 lakh in PPF every year is tax-exempt under Section 80C of the Income Tax Act. Both the interest and maturity amount earned in PPF are tax deductible. Subscribers can take a loan on a PPF account at an appropriate interest rate.

    This is especially beneficial for those who want to apply for a short-term loan. PPF is the most suitable investment option for self-employed professionals and EPFO ​​employees. But there is a problem in this that investors have to open it for a long term i.e. 15 years.

    For social media updates, we need Facebook (https://www.facebook.com/moneycontrolhindi/) And Twitter (.).

    .

    bank interest rates NSC post office Post Office best saving schemes post office income scheme post office interest rates Post Office Monthly Income Scheme post office vs bank interest rates PPF saving scheme saving schemes Time deposit
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticlePost office also gives debit card to account holders, generate and change post office debit card PIN
    Next Article Understand some important things before investing in cryptocurrency
    InvestPolicy

      Related Posts

      Budget 2023 | Govt to bring another dispute resolution scheme Vivad Se Vishwas-2: Finance Minister Sitharaman

      February 1, 2023

      Emergency Credit Line Guarantee Scheme supported MSMEs during COVID, led to remarkable credit growth: Economic Survey

      January 31, 2023

      Reverting to old pension scheme poses big financial risk, RBI warns States

      January 17, 2023
      Add A Comment

      Leave A Reply Cancel Reply

      Top Posts

      Stocks in News: Nykaa, Hindalco, ONGC, Tata Power will remain in action, keep an eye on intraday

      May 27, 2022

      Bihar Voter List, Download Voter List with Photo

      February 4, 2021

      Rising U.S. dollar reflects more robust economic fundamentals in U.S. than in other major economies: Cornell University Prof. Eswar Prasad

      November 6, 2022
      Advertisement

      Our main motto is to help our customers in making personal finance decisions easy and convenient as per their comfort. We are committed to provide accurate and unbiased information at your doorstep and keep it transparent among our customers.

      We're social. Connect with us:

      Facebook Twitter YouTube LinkedIn
      Top Insights

      SEBI getting set to regulate index providers

      March 27, 2023

      China’s industrial profits slump in Jan.-Feb. as COVID pain lingers

      March 27, 2023

      S&P keeps India’s economic growth forecast unchanged at 6% in FY24

      March 27, 2023
      Must Read

      LIC Kanyadan Policy 2021 | Registration Form, Eligibility and Benefits (LIC Kanyadan)

      February 6, 2021

      What is UTR Number in Phonepe and Google Pay? how to check

      March 1, 2022

      What is the minimum balance required in SBI Savings Account?

      December 5, 2021
      © 2023 Invest Policy.
      • About Us
      • Contact Us
      • Advertise
      • Privacy Policy

      Type above and press Enter to search. Press Esc to cancel.